What To Do When Your Job Situation Changes
End of my first week and feeling great!
When my previous work contract got ended 3 months early I definitely did not plan to take 15 months off. My original plan was to save the money I was making from my seasonal retail job and use that money to spend the month of March 2020 driving through the US. Clearly that didn’t happen!
This week I started an accounting job in the corporate world again, yay! One of my big realizations during the time off was how much I LOVE business. I find it incredibly fascinating to observe how businesses operate, how they respond to global events, and how they adapt to operate during challenging times, amongst other things. It feels incredible to be back working in my career field where I can fully utilize the skills and knowledge I have acquired so far and have an opportunity to add some serious value (which is what I thrive on).
I thought it was important to reflect on my time off and share some advice to those of you who may find yourselves jobless, for whatever reason.
Without a job?
If you have lost your job over the past year, you already know you’re not alone. Even if you’re reading this and your job loss was out of personal choice or has nothing to do with the 2020/2021 global pandemic, you’re also not alone. If still you’re looking for a new job, keep at it for as long as you need to because the perfect job is out there for you. If you’re having a hard time finding a new one, don’t hesitate to take a job that’s outside of your career for a bit. I worked part-time in retail for a company I’m obsessed with during most of my break. It was fun, got me out of the house, and I made some really great connections with my co-workers and customers. The income was pretty minimal but I was had a healthy amount of savings to buffer this.
Negative feelings are normal
If you’re feeling lost, depressed, anxious, angry, hurt, or any other sort of way after losing a job, know that it’s normal and completely ok to feel this way. You’ve experienced a loss of something that took up a significant amount of your time and gave you a sense of purpose. You’re also coping with the loss of income and co-workers, and the realization that you’re “just a number” to a company that likely meant a lot more to you. Being laid off is typically not personal but if it’s due to a performance issue or something more serious then you will need to reflect on that and work to change. The support of friends and family will go a long way but you may also need and/or want to enlist the help of a professional therapist. It’s up to you to move forward after a period of feeling bad; you decide how long you’re willing to sulk for. I have experienced job loss three times in my professional career and each time I have ended up better off; I believe the same will be true for you too.
Utilize your down time
It’s an incredible gift to have free time! That’s exactly how I viewed my time off and I took full advantage of it. Set a goal or a few, write down what you want to learn, do or achieve during this time. This is a great time to get to work on that to do list you’ve been adding to but not checking things off of. During my break I read tons of books, journaled a lot to help me work through some personal struggles I’ve had, embraced meditation, baked three elaborate cakes from the cookbook of my favourite bakery, got to know some of my neighbours better, developed an even deeper bond with my dog Joey, created this website, launched this blog, started my business… There’s so much we can get done when we have more time so embrace it!
Embrace frugal living
As a personal finance educator, of course I need to touch on the financial aspect of having your income reduced or completely dissolved. First, know that you will be ok. Yes, losing your income is scary AF but it’s not permanent. It creates a necessary opportunity for you to review your spending and create a plan to live off any savings or financial assistance you will be receiving. When you do get a job again, you’ll likely have a strong plan of how to better utilize your income (ie. spend less and save more). You’ll need to shift your priorities and some things, such as debt repayment, may need to be put on hold. This is a time when you’re going to need to get down to the basics and only spend on things that you truly need. I’ll be real, if you don’t have an emergency fund or any other sort of savings in place when you lose your job, it’s going to be much harder on you than it needs to be. Make this a priority right now! If you need more advice on this, check out my Money Monday posts.
Know your worth
When applying and interviewing for a new job, ensure you’re asking for a salary that’s in line with your skills and experience. If you’re unsure about what this should be, consult with some recruiters or temp agencies to get a gauge. Make sure you ask for extra money if you’re accepting a temporary or contract job that doesn’t include (extended) medical benefits, paid vacation, potential for bonus, retirement savings matching, etc. I find I thrive better when I’m not only paid what I know I’m worth, but am also in a role that utilizes my skills and experiences. Don’t take a job that doesn’t feel right to you unless it’s part of a temporary plan, as I mentioned above.
I could write an entire blog about each of these topics so if you want to know more about one definitely let me know! I’ll reiterate this because it’s important: losing a job is scary but know that it’s temporary and you are in control of how you choose to respond once it happens. You are so much more than your job!